Archive for the ‘Debt Reduction’ Category

Basic Money Rules


27 May

Spend less than you make.

Pay yourself first.

Have a plan.

Even if you don’t respond well to rules, as the original poster says she doesn’t, sometimes it still helps to know what they are. As my writing teacher used to say, follow a rule until you can explain why you’re breaking it.

Sometimes it’s good to get back to basics, ideas that apply to everyone, whether they’re struggling paycheck to paycheck or putting millions in the bank for retirement.

Not everyone is the same, but this Back to Basics thread still has information that just about everyone can use.

Feeling Overwhelmed By Debt


25 Feb

Kind of a classic YM thread, even though there doesn’t appear to have been much movement on it.

In this case, we have a first time poster talking about feeling overwhelmed by debt, feels like she never has money, and yet is also certain that she would have nothing to do if she didn’t spend money on entertainment.

The regular posters are actually being pretty nice, asking for a budget breakdown, letting her know it is normal to feel this way, and offering a way out. I hope she’s moved over to the Women in Red boards as was suggested.

Women in Red Racers


28 Jan

When you become a racer, you decide what debt you most want to get rid of, then go write down the exact amount of that debt- no fudging, no rounding. Each month you track what you’ve paid off.

The captains keep track of it all and do weekly shout-outs and awarding smiley faces to encourage the racers.

Sometimes you’re the hare- we paid off a full 1/3 of our race last year. And sometimes the tortoise- expecting it to be another 4 years before our race is won. But you have a goal and people to help you get there.

Controlled / No Spend


07 Jan

I have been a member of the Controlled / No Spend board since last February. This board does for my budgeting what my critique group does for my writing. They take what I have, point out the good, and show me how to make it better. They offer the moral support to say no, I do not need a trip to the vending machine or company cafeteria today.

The ladies there take a holistic approach to finances and understand that the complicated bits of our lives can have the biggest influence on how, when, and where we spend our money.

Student Loan Frustration


05 Jan

Citibank owns my graduate student loans. In December, I called to complain that my auto-payment had been cancelled. They said it was because I had already made a payment that billing cycle. Well, I made a payment this billing cycle, so imagine my surprise when an auto-payment was taken from my account this morning. It’s what I wanted, but not what they told me, and there was no communication letting me know the terms of their auto-pay had changed. And worse, the amount wasn’t for my new minimum payment, my old minimum payment, or even the difference between the two.

Women In Red


31 Dec

On Dec 30, 2009, I decided I needed extra motivation and accountability when it came to paying down our debt. We didn’t know how long unemployment would last, and debts that had seemed like no big deal when we were both working loomed menacingly overhead.

I started with the Women In Red message boards whose purpose was to help women get out of debt (men are welcome). I became a Racer, someone with specific debt payoff goals.

Today, I’m linking to the new home of the WIR. It’s a nice place to visit, and a great place to stick around.

Fund Raising


19 Nov

154 Republicans voted against extending jobless benefits for those out of work more than 6 months. Those benefits start expiring Dec 1, right in the heart of the holiday season.  When our economy is looking for a nice big boost of retail spending, over two million families will be trying to figure out how to live on $1200/month less. Can’t extend those benefits unless we can pay for them.

But heaven forbid we let tax cuts for families making over $250k/year ($20,800/month) expire. If I were trying to raise money, I know which neighborhood I’d be knocking on doors in.

Refinancing


20 Oct

With today’s interest rates, we’re looking at refinancing our home. Unfortunately, all the programs that currently exist help people who are having problems paying their loan. We aren’t. In fact, we’re a good risk. Chase has never sold our mortgage. This screws us.

Due to falling property values, we owe more than 80% of the value of our home. If our loan were owned by Fannie Mae or Freddie Mac, we could refinance without PMI. As it is, we can’t. Amusingly, per Chase customer service, if we refinanced with PMI, they would sell our loan to one of the FMs.

Financial Moral Support


04 Jun

Late last year, as part of our resolution to get our finances under control, I joined the Women in Red message boards over at msn.com. The (mostly) women on these boards provide moral support, good advice, and help hold me accountable to our financial goals.

I am an active member on two boards, the West Region Racers, which is all about paying down debt, and the Controlled/No Spend board, which is about sticking to your budget and finding those little leaks in your spending. Both are helping me to stay focused on long term goals and allow the occasional rant.

Lets Talk about Money


03 Jun

I like talking about money and finances. It’s an area that interests me greatly, and it bugs me that as families, that we don’t talk about money more. I get that parents don’t want kids to worry about where the next meal is coming from, but once they are older, how are they supposed to understand balancing a checkbook, budgeting, credit cards, if their parents never teach them?

I never want to seem like I am bragging or whining when talking about our financial situation. I just want to learn for other people, and maybe help them learn something, too.

100 Words On

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